July 25, 2019
ARK, the global real estate investment and management platform of WeWork, is acquiring 600 California St., a 20-story, Class A office building in San Francisco from Bentall Kennedy for a reported $330 million. WeWork occupies 73,000 square feet of space (pictured) at the 358,591-square-foot FiDi building.
The ARK venture, created this year to acquire and renovate commercial real estate assets, received a $1-billion commitment from Canada’s Ivanhoé Cambridge, which serves as a strategic partner.
ARK’s Rich Gomel said at the time of the platform launch, “We have seen first hand the value that the WeWork ecosystem can create for landlords and real estate partners. The launch of ARK will help drive growth by leveraging The We Company’s extensive real estate experience and network. ARK has been set up to capitalize on that opportunity, and allow us to provide different partnership options for the real estate community to participate in the growth and expansion of the We Company.”
Bentall Kennedy acquired the asset in 2014 for $216.5 million.
For comments, questions or concerns, please contact Dennis Kaiser